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Overcoming Challenges in Retirement and Health Care Savings
Retirement plan sponsors often witness employees struggling to save more and improve their financial wellness, compounded by rising health care costs. A potential solution lies in offering a high deductible health plan (HDHP) coupled with a health savings account (HSA).
Enhancing Plan Enrollment
Despite the benefits, many employees hesitate to enroll. Here are some steps to overcome this:
- Rebrand the Plan: The term "high deductible health plan" can be off-putting. Use generic or descriptive names like Plan A or Plan B.
- Annual Review: Encourage annual plan reviews rather than automatic rollovers to help employees reassess their options.
- Decision Support Tools: Use recommendation engines to simplify the enrollment process, making it easier for employees to evaluate their choices.
- Highlight Savings Benefits: Emphasize the importance of saving the premium difference in an HSA for current and future health expenses, promoting long-term financial wellness.
Read the below White Paper produced by Voya’s Thought Leadership Council and SAVVI Financial
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